The price of Ethereum rose above $2,050. ETH is now consolidating gains and could soon target another rally towards the $2,150 level.
- Ethereum is consolidating and facing resistance near the $2,080 zone.
- The price is trading above USD 2,030 and the 100-hourly Simple Moving Average.
- A short-term contracting triangle is forming with resistance near $2,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue its rally if it overcomes the USD 2,080 and USD 2,090 resistance levels.
Ethereum price holds steady
Ethereum price started a strong rise above the USD 2,000 resistance zone. ETH outperformed Bitcoin yesterday with a move above the $2,050 resistance zone. However, the bulls faced hurdles around the USD 2,080 and USD 2,090 levels.
It reached a high near $2,092 and the price is now consolidating gains. There was a small correction below the USD 2,060 level. The price fell below the 23.6% Fib retracement level of the upwave from the $1,930 swing low to the $2,092 high.
Ethereum is still well above $2,030 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,080 zone. A short-term contracting triangle is also forming with resistance near $2,080 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The first major resistance is near the $2,090 level. A clear move above the USD 2,090 level could send the price towards the USD 2,150 resistance zone. The next resistance is near USD 2,200, above which the price could aim for a move towards the USD 2,250 level. Any further gains could trigger a wave towards the $2,320 level.
Another drop in ETH?
If Ethereum fails to clear the USD 2,080 resistance, it could trigger another decline. The initial downside support is near the $2,055 level and the triangle trendline.
The next major support is $2,010 or the 50% Fib retracement level of the upward wave from the $1,930 swing low to the $2,092 high. The main support now stands at $1,975. A downward break below the $1,975 support could lead to more losses. In the mentioned case, Ether could fall towards the $1,930 support zone in the short term.
Technical indicators
hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
RSI per hour – The RSI for ETH/USD is now above the 50 level.
Major support level – $2,055
Major resistance level – $2,080